Tasmania’s Business Growth Loan Scheme: Everything You Need to Know (And What to Do If You’ve Been Declined)
Published: June 1, 2025
By Michael Pajar | Business Finance Broker | Casey Asset Finance | 0450 622 115 | michael@caseyassetfinance.com.au | Instagram: @casey_asset_finance
Estimated Read Time: 5 minutes
If you’re a Tasmanian business owner looking for funding, you’ve likely come across the Business Growth Loan Scheme offered by the Tasmanian Government. With low interest rates, generous terms, and support for a wide range of industries — from agriculture and hospitality to logistics and manufacturing — it’s no surprise this scheme is gaining attention across the state.
But here’s the truth: many business owners find the application process confusing, time-consuming, and sometimes discouraging. Whether you’re a café owner in Hobart, a transport operator in Launceston, or a builder in Devonport — it’s not always clear if you qualify, what supporting documents are needed, or what to do if you’re declined. We’ve spoken to business owners just like you — doing everything right, but still hitting walls. That’s where we come in.
This article is designed to help you:
Understand the Business Growth Loan Scheme in plain English
See if it might be a fit for your business
Know your next step if you’ve already been declined
Access fast alternatives (without the red tape)
Let’s dive in.
What Is the Tasmania Business Growth Loan Scheme?
The Business Growth Loan Scheme is a Tasmanian Government initiative aimed at helping local businesses expand, recover, or stabilise during challenging economic conditions. The loans are funded and managed by the Office of the Coordinator-General and delivered in partnership with Bank of us — a Tasmanian-based lender.
The scheme supports eligible businesses with:
Loan amounts from $20,000 to $3 million
Fixed interest rates (generally lower than market rates)
Repayment terms of up to 10 years
An interest-only period of up to 3 years
No application or account-keeping fees
In short — it’s an attractive option if you qualify.
Who Can Apply?
The scheme is targeted — and that’s where many businesses run into friction. Your business must meet specific criteria, including:
Be located and operating in Tasmania
Have an ABN and be registered for GST
Demonstrate the ability to repay the loan
Prove the funds will be used for growth or sustainability
Have been financially viable before COVID or recent downturns
The loan can be used for a wide range of purposes, including:
Purchasing equipment or vehicles
Upgrading premises or fit-outs
Expanding workforce or capabilities
Replacing expensive short-term loans
Improving resilience to supply chain or economic challenges
Note: Startups may be eligible, but only if they can show strong business planning and viable future cash flow.
Why So Many Business Owners Get Declined
This scheme is not automatic. Many businesses get declined — and here’s why:
They don’t meet the eligibility criteria
Their business plan doesn’t prove strong future performance
They already have high levels of debt
Their recent financial performance doesn’t inspire confidence
They can’t provide sufficient documentation
They apply without guidance and don’t present their strongest case
Even solid businesses — with growth potential and great operations — have been knocked back.
What You Can Do If You’ve Been Declined
1. Don’t Panic — You Still Have Options
A decline from this scheme doesn’t mean your business is unfinanceable. It just means you might need a different structure — or a more flexible lender.
2. Consider a Private Business Loan (With Less Red Tape)
Private business loans are available for:
Equipment finance
Vehicle finance
Working capital
Fit-outs and refurbishments
Some lenders don’t need full financials and can base approval on bank statements only. These loans often settle in 24–72 hours, and some go up to $500,000+ depending on your profile.
3. Use a Specialist Broker (We’ll Do the Heavy Lifting)
At Casey Asset Finance, we’ve helped businesses across Tasmania secure funding after being declined elsewhere. Here’s how we help:
We assess your business holistically — not just your numbers
We workshop your application before it goes anywhere
We protect your credit file by pre-matching you to the right lender
We explain every step clearly and guide you through the process
We often have access to options the lenders don’t advertise
You’ll have real options — not just rejection emails.
Real Talk: Why You Should Act Now
With interest rates rising and funding tightening, access to capital is becoming harder, not easier. The longer you wait, the fewer options you may have. If you’re considering the Business Growth Loan Scheme — or have been declined — now is the time to explore alternatives that won’t slow your business down.
Whether you need $20,000 for a coffee machine or $250,000 for a factory fit-out — we’ll guide you to the best solution available based on your stage, structure, and situation.
Final Thoughts
The Tasmania Business Growth Loan Scheme is a strong opportunity — but it’s not for everyone.
If you’ve missed out or don’t want to risk another knockback, let’s talk. We help business owners secure funding quickly, ethically, and strategically — without the stress or surprises.
You don’t need to face confusing criteria or endless paperwork on your own.
Disclaimer: This article is for general educational purposes only and does not constitute financial advice. For official scheme details and eligibility, visit the Tasmanian Government website or speak to a registered financial advisor.
Need Help?
Call Michael from Casey Asset Finance on 0450 622 115
Or email: michael@caseyassetfinance.com.au
We’ll walk you through your options and help you move forward with full transparency — no pressure, no pushy sales.
